2019 Firstrade review: brokerage pros and cons, commissions, fees, account minimums, rating, trading platform, investment research tools, education, and customer service.

Rating:  Firstrade rating

  • Stocks & ETFs: $0
  • Options: $0
  • Mutual Funds: $0

Firstrade Review

Firstrade is a New York-based brokerage firm that has been offering investors low-cost services since 1985. It currently offers stock and ETF trades for $0 - this is the lowest rate in the industry. The company also offers investors the ability to trade options, mutual funds, and bonds. With retirement products and mobile trading, Firstrade is one of the top brokers worth considering.

Firstrade Trading Commissions Review

Firstrade’s charge for trading stocks and ETF’s is $0, definitely placing the broker in the deep discount category. Options are $0 per contract. The firm does have live representatives who can assist customers with their trades. Choosing this route costs $19.95.

Brokerage accounts at Firstrade carry no inactivity fees or account maintenance fees. The minimum initial deposit to open a brokerage account is zero, making this broker a good firm to try out.

Firstrade does offer its clients the ability to trade on margin. Currently, margin debits of less than $10,000 cost 9.25%, and those over $1,000,000 are 5.25%. These rates are among the lowest in the industry.

Firstrade offers a large selection of mutual funds and ALL of them come with no transaction fee (!).

Firstrade Research and Education Review

Research tools are on the moderate side at Firstrade.com. The broker uses data from Morningstar - leader in mutual funds ratings. There are no third-party reports available besides Morningstar publications.

Firstrade offers investment education on a section of their website called Education Center. Here traders will find articles and videos on a selection of financial topics, such as stocks, options, and ETF's. There's also a handy glossary.

FirstTrade Review

Unlike Fidelity, TD Ameritrade, and Schwab, Firstrade does not have any local brick-and-mortar branches to assist customers who need some guidance.

This low-cost broker does offer its customers some useful information on retirement and education planning. On the Firstrade web site, clients can find articles on IRA's, personal finance topics, and education savings accounts.

FirstTrade Review

Firstrade Customer Service Review

Firstrade can be contacted via an on-line chat system, phone, fax, e-mail, or snail mail. Phone and chat service are available Monday through Friday, 8:00 am - 6:00 pm EST.

The broker does have office hours on Saturday afternoon at their headquarters in Flushing, New York.

Firstrade Trading Tools Review

Firstrade’s web site is very well designed and easy to use. Using the web browser, traders can place orders for a variety of securities, such as stocks, options, mutual funds, and ETF’s.

FirstTrade Review

At the bottom of the web browser is a handy little trading system that allows investors to place long and short orders for stocks, ETF's, and options. Firstrade calls it the Quick Bar. It displays important information, such as bid-ask spread, and the day's volume. Clicking on "option chain" on the Quick Bar will also display option chain information for the selected stock.

First Trade Review

Firstrade Mobile Trading Features Review

Firstrade has applications for Android and Apple. The interface is intuitive and easy to use. Traders can place an order, call customer service, and review account and position data.

Firstrade Review

Promotion Offer

$0 commissions + up to $200 in transfer fee rebates.

Firstrade Cash Management Features Review

Firstrade offers a Cash Management Account (CMA). It requires a steep $25,000 opening deposit. Furthermore, a Visa gold card comes with $30 fee, and adding checks will be another $30.

Firstrade Advantages

Firstrade offers good securities trading services at a rock-bottom commission of $0. This is much lower than at the majority of online brokers, such as Schwab ($4.95), TD Ameritrade ($6.95), and Fidelity Investments ($4.95). Add to this the lowest pricing on mutual funds and some of the best margin rates, and it's no wonder this broker draws lots of new customers.

Aside from great commissions, there are a lot of services at Firstrade that are available to clients for free. These include dividend reinvestment, and IRA's. Furthermore, the broker's mobile trading app will appeal to busy investors on the go.

Firstrade offers ALL ETF's with no trading fee - this is the best selection in the industry. Other brokers have fewer commission-free ETF's: Etrade (101), TD Ameritrade (296), Fidelity (90), and Ally Invest (0).

Firstrade Disadvantages

The lack of 24/7 customer service is a major letdown in today's fast-paced world. Investors have access to non-stop service at other brokers, such as TD Ameritrade and Fidelity.

Firstrade doesn't have a stand-alone trading platform, which may disappoint some investors. Other brokers, such as TD Ameritrade, do offer such platform.

Other products, such as futures and forex are not available at this brokerage firm.

Firstrade's policies on its checking account, such as paying for the Visa debit card, could be a turn off to customers who are accustomed to getting such services for free from higher priced brokers.

Firstrade Review Summary

Firstrade offers securities trading at the lowest cost (usually for free) that many investors will find irresistible. Traders who need cash management features, professional trading platform, or extensive research capabilities would do better elsewhere.

Firstrade Incentive to Open Account

$0 commissions + up to $200 in transfer fee rebates.

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Firstrade Commissions

Stocks and ETFs $0
Stocks, ETFs, and mutual funds broker assisted $19.95
Options $0 + $0 per contract
Mutual funds $0
Treasury Bills, Notes, Municipal and Agency Bonds, Zeros & Strips net yield basis
CDs $30 for primary market CDs, net yield basis for secondary market CDs

Firstrade Account Fees

IRA Setup Fee$0
Annual IRA Fee$0
Roth IRA conversion or Recharacterization Fee$25
Full Account Transfer Out$75
Partial Account Transfer Out$25
Outgoing Wire Fees (Domestic)$30
Outgoing Wire Fees (International)$50
Account Closing Fee$0

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Firstrade reviewed by TopRatedFirms.com Rating: 4.5